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A 2% Poverty Alleviation Tax introduced on individuals with income exceeding Rs 300 million. General tax rate for banking companies increased from 35% to 45%. A 1% tax on deemed rental income applied to the fair market value of certain immovable properties owned by resident persons in Pakistan.
Capitalization rate – Net operating income (NOI) divided by property's asset value. [1] Gross rent multiplier – The ratio between a rental property's gross scheduled income and its market value. Net cash flows – The amount of cash to expect to receive after expenses.
Taxation in Pakistan is a complex system of more than 70 unique taxes administered by at least 37 agencies of the Government of Pakistan. [1] According to the FBR, in 2021, the number of registered tax filers had grown to 7.1 million out of which only 2.5 million were active tax filers. [ 2 ]
The 2023–24 Pakistan federal budget was the Federal Budget implemented by the government of Pakistan for the fiscal year 2023–24. The revised budget was presented to Parliament on 25 June, 2023 after Finance Minister Ishaq Dar introduced new taxation measures and expenditure cuts. The budget was accepted the next day.
The Inland Revenue Service (IRS) is a department of the Federal Board of Revenue (FBR) in Pakistan. It was established in 2009 and holds the responsibility for overseeing various aspects of domestic taxation, encompassing Sales Tax, Income Tax, and Federal Excise Duty. [1] [2]
The three forms of property income are rent, received from the ownership of natural resources; interest, received by virtue of owning financial assets; and profit, received from the ownership of capital equipment. [1] As such, property income is a subset of unearned income and is often classified as passive income.
The Ministry of Housing and Works (Urdu: وزارتِ عمل و اقامت کاری, wazarat-e- amal o Iqamat kaari) is a cabinet level ministry of the Government of Pakistan headed by the Minister for Housing and Works, who must be an elected member of the Parliament of Pakistan.
The Federal Board of Revenue (FBR) (Urdu: وفاقی بورڈ محصولات), formerly known as Central Board of Revenue (CBR), is a federal law enforcement agency of Pakistan that investigates tax crimes, suspicious accumulation of wealth, money-laundering make regulation of collection of tax.